Accessing funds at retirement
In general, you won’t be able to access your KiwiSaver savings until you reach the age of eligibility for New Zealand Superannuation, currently 65.
You may be able to withdraw your savings earlier in these circumstances, if you meet the relevant early withdrawal criteria:
- you’re buying your first home
- you’re moving overseas permanently
- you’re experiencing financial hardship
- you have a serious illness
- you have a life-shortening congenital condition.
How much can you withdraw at retirement?
You’ll be able to withdraw all your member, employer and Government contributions. These withdrawals are tax-free.
You don’t have to withdraw all of your KiwiSaver savings. You can choose how you would like your money to be paid, e.g. a one-off lump-sum payment or regular withdrawals to supplement your income.
What your options are
Set up a regular withdrawal
This is a convenient way to manage your money and supplement your pension or any other retirement income you have. You can choose an amount and payment frequency that works best for you, subject to the minimum withdrawal amounts. All withdrawals are tax-free.
Take lump sum withdrawals whenever you want
Keep your money working hard in your BNZ KiwiSaver Scheme account and use it to meet any one-off expenses by making withdrawals as and when you need to. All withdrawals are tax-free.
Withdraw all your savings
You can choose to withdraw all your savings and Government contributions in one go. If you choose this option, we’ll close your BNZ KiwiSaver Scheme account for you.
Leave your retirement savings in your BNZ KiwiSaver Scheme account
If you don’t need your money straight away, you can keep it where it is and we’ll continue to manage it for you.
Your savings will continue to be invested by professional investment managers and you can still make lump sum or regular contributions to grow them further. However you will no longer be eligible for the Government’s Member Tax Credits, and your employer can also choose to stop making contributions.
Withdrawing all or part of your KiwiSaver savings
- Fill in the BNZ KiwiSaver Scheme retirement withdrawal application form PDF 132KB.
- Take it to a Justice of the Peace, a solicitor of the High Court of New Zealand, notary public or another person authorised to complete the statutory declaration section of the form.
- Then drop the completed form into any BNZ branch or send it to:
Freepost BNZ KiwiSaver Scheme
Private Bag 92208